New Fannie-Mae loan with only 3% down!

Worrying about Limited Funds for a Down Payment
or Closing Costs?

It is well known that the primary barrier to homeownership for first-time home buyers has been saving enough money to make a sizeable down payment and cover closing costs. Now, thanks to Fannie Mae, you may not have to stress about this key factor in realizing your dream of homeownership…

Introducing, the 97% LTV Fixed-Rate Conventional Loan!

Fannie Mae now offers up to 97% LTV financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment, and to help borrowers with an existing Fannie Mae mortgage who may not be eligible to refinance using Refi Plus™ or DU Refi Plus™.

Fixed-rate loans having a 30 year term with LTV ratios from 95-97% will be allowed for:

  • MyCommunityMortgage® (MCM®) purchase transactions if at least one borrower is a first-time home buyer and pre-purchase home-buyer education and counseling is completed,
  • Standard purchase transactions (non-MCM) if at least one borrower is a first-time home buyer, or
  • Standard limited cash-out refinances (non-MCM) of existing Fannie Mae loans

Other Features:

  • At least one borrower must be a first-time home buyer
  • All loans must be fixed-rate and secured by a one-unit principal residence.
  • Manufactured housing is not permitted
  • High-balance, adjustable-rate, and HomeStyle Renovation® loans are not permitted.

Article Provided by:

alan Cipolletti



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